Top 10 Countries with the Most Gold Reserves
Discover which countries hold the most gold in 2025. Explore global gold reserve rankings, data insights, and trends behind the world’s top gold-holding nations.
Gold isn’t just a shiny asset – it’s a strategic shield. For central banks, gold is more than a precious metal; it’s a pillar of financial power. It builds trust, defends against inflation, cushions currency swings, and offers a solid alternative to foreign reserves like the U.S. dollar or euro.
In 2024, central banks added over 1,000 tonnes of gold to their reserves for the second year in a row – a clear signal that gold remains vital to national financial strategies.
So, which countries currently lead the world in official gold holdings?
Did you know? Central banks worldwide hold nearly 36,000 tonnes of gold, representing a significant and growing portion of global reserves.
10. Turkey
Gold Reserves: 623.9 tonnes
Share of Forex Reserves: ~43.6%
Turkey reclaims its place in the global top 10, with recent buying helping push its reserves above the Netherlands. The country has been active in boosting its gold stockpile in recent years amid high inflation and currency volatility.
Fun Fact: Turkey not only holds gold but also encourages citizens to deposit household gold into banks to support national reserves.
9. Japan
Gold Reserves: 845.9 tonnes
Share of Forex Reserves: ~6.6%
Japan’s gold holdings haven’t changed much in decades. While it relies more on currencies and bonds, gold still plays a quiet but steady role in its reserve strategy.
Did You Know? Japan holds more U.S. Treasuries than any other country – but still keeps a sizeable gold stash as a buffer.
8. India
Gold Reserves: 879.6 tonnes
Share of Forex Reserves: ~13.4%
India continues to increase its gold reserves gradually. The Reserve Bank of India added nearly 30 tonnes in 2024 alone, part of its effort to diversify from the U.S. dollar and euro.
Cultural Note: India is also one of the world’s largest private holders of gold, thanks to its deep cultural ties to the metal.
7. Switzerland
Gold Reserves: 1,039.9 tonnes
Share of Forex Reserves: ~9.6%
Switzerland's gold reserve is impressive, especially considering its small population. While the Swiss National Bank hasn't made major moves in years, its gold represents financial prudence and neutrality.
Fun Fact: Switzerland refines more than 60% of the world’s gold—even if it doesn’t own it.
6. China
Gold Reserves: 2,292.3 tonnes
Share of Forex Reserves: ~6.5%
China has been a consistent buyer, increasing its gold reserves for 18 consecutive months as of mid-2025. It’s part of a long-term push to reduce reliance on the U.S. dollar and build a more robust, self-reliant economy.
Trend: China added over 225 tonnes of gold since 2022, reflecting strategic reserve diversification.
5. Russia
Gold Reserves: 2,332.7 tonnes
Share of Forex Reserves: ~29.5%
Russia dramatically increased its gold reserves over the past decade to insulate itself from sanctions and global financial instability. It has sold off most of its U.S. Treasury holdings and replaced them with gold.
Trivia: Russia ranks among the top three global gold producers—and keeps much of what it mines.
4. France
Gold Reserves: 2,437.0 tonnes
Share of Forex Reserves: ~74.7%
France hasn't significantly added or reduced its gold reserves in years, reflecting long-term confidence in the metal as a store of value. Its central bank stores the gold in underground vaults beneath Paris.
Fun Fact: France’s gold has remained virtually untouched since the euro was introduced.
3. Italy
Gold Reserves: 2,451.8 tonnes
Share of Forex Reserves: ~74.1%
Italy is another eurozone nation that holds tightly to its gold. Despite a turbulent economy and high debt levels, Italy’s central bank has resisted calls to sell any gold, seeing it as an untouchable national asset.
Trivia: Italian officials often call the gold “property of the people”—protected by law and politics.
2. Germany
Gold Reserves: 3,351.2 tonnes
Share of Forex Reserves: ~77.1%
Germany is Europe’s top gold holder and second in the world overall. The Bundesbank began repatriating its gold from abroad (mainly the U.S. and France) in the 2010s to reinforce public trust.
Trend: Although Germany hasn’t added new gold recently, its existing stockpile forms a critical part of the eurozone’s financial backbone.
1. United States
Gold Reserves: 8,133.5 tonnes
Share of Forex Reserves: ~74.9%
No country comes close to the United States in gold holdings. With more than 8,100 tonnes, the U.S. has more gold than the next three countries combined. Most of it is stored at Fort Knox, with additional reserves in Denver and the New York Federal Reserve.
Fun Fact: The U.S. hasn’t significantly added or sold gold since the 1950s – talk about long-term holding!
Key Takeaways
- Top gold holders (U.S., Germany, Italy, France) haven’t changed their positions in decades—proving gold’s enduring value in modern finance.
- Emerging powers like China, Russia, and India are steadily increasing their reserves as part of a broader strategy to diversify away from the U.S. dollar.
- Turkey and Switzerland punch above their weight in gold holdings relative to their economic size.
The continued accumulation of gold by central banks – especially in emerging markets – sends a strong signal: gold is still considered one of the most reliable stores of value. It’s immune to default, resistant to inflation, and universally recognised.
For everyday investors, watching central bank trends can offer insight into broader economic strategies and global uncertainty. If governments are buying gold to reduce risk – maybe you should, too.
To find out more about central bank buying of gold, check out our handy explainer here.
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